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there might be a role for it, even not as the first line of defense. has your thinking on the issue evolved, and can you explain why? >> i still believe the following switches that monetary policy is a very blunt instrument. if you are raising interest rates to prop up an asset bubble, even if you are sure you can do that, you might in the same time be throwing the economy into recession, which kind of defeats the purpose of monetary policy. therefore, i think the first line of defense -- we have three lines of defense -- very sophisticated monitoring at a much higher level and a much more comprehensively and we have in the past, and then we have supervision and regulation where we work with other agencies to try to cover all the on covered areas of the financial system, and in addition, we try to use communication and similar tools to affect the way financial markets respond to monetary policy. ofdo have some first lines defense which i think should be used first. that being said, i think that given the problems that we've had, not just the united states, but globally in the last 15-20 yea
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